The September futures dove sharply Friday afternoon, leaving no doubt about the bullish intentions of the stock market’s institutional masters. DaBoyz evidently decided it would be easier to come out of the gate Sunday night with expectations lowered rather than trying to fool everyone into thinking their horse was chomping on the bit at Friday’s faked highs. Even with the goosing the S&Ps received from short-covering when the day began, they were unable to take out Wednesday’s not-so-daunting peak at 2748.00. The resulting bull-trap high begged for a sharp correction, but not before the bad guys had fully five hours to distribute their load. Check back Sunday night for updates, since there’s always a chance that unsettled markets in Europe or Asia could alter their plans. ______ UPDATE (July 1, 9:28 p.m. EDT): The usual suspects are quite active tonight, levitating the futures following a bombed-out low they’d manufactured at 2712.50 on the opening bar.  This is a textbook distribution scheme, but I won’t even try to guess where it might run out of steam. _______ UPDATE (July 2, 7:45 a.m.): It ran out of steam at exactly 2728.00 after recouping just a third of Friday’s day-ending selloff. The subsequent 23-point slide has brought the bearish pattern shown in this chart into sharper relief, sufficiently so that we can use it to guide us for the next day or two. Notice that the pattern tripped both a mechanical short on the rally to the green line (x=2726.81) and a subsequent ‘counterintuitive’ one from Friday’s high. Bulls are not surrendering without a fight, but they are losing nonetheless.